Katy Perry and Dolly Parton dazzle at ACMs

Katy Perry and Dolly Parton brought all the dazzle to their performance during the Academy of Country Music Awards in Las Vegas, Nevada on Sunday night.

The divatastic duo belted out a medley of Parton's hits, including "Coat of Many Colors" -- about a coat her mother made her when she was a small girl -- her much-loved and often-covered hit "Jolene," and the '80s working girl's soundtrack, "9 to 5." The 70-year-old singer appeared on stage in another coat of many colors -- and many thousands of sequins! Not to be upstaged, Perry channeled pop-couture cowgirls in a red Jeremy Scott outfit and pink cowboy boots.

Prior to the performance, Perry presented the Grammy-winning singer -- who she described as her "personal hero and a powerful woman" -- with the Tex Ritter Award for her television movie, Dolly Parton's Coat of Many Colors.

Kacey Musgraves introduced the performance and admitted she was having a fan-girl moment. "I just met Dolly last night -- a dreamboat. Such a babe, seriously," she said. "I'm a big fan of both [Katy and Dolly] because I've gotten to tour with Katy, so it's fun seeing her pop into the country world and hang out. It's gonna be a special moment."

It was definitely special! The duet marked the first collaboration for the songstresses, but Perry has long been a fan of the legend.

"I don't know [Perry], but I know she's a big fan and I've always been so touched and moved by all the different things that she'll say and do," Parton told ET last month. "I'm really looking forward to [the collaboration]. Who knows, this might strike up a whole new thing!"